Steak ‘n Shake saidthat it added $10M notional to its Bitcoin holdings, roughly 105 BTC, formalizing a Strategic Bitcoin Reserve (SBR). The company linked the purchase to a payments-led treasury strategy that routes customer Bitcoin receipts into the corporate balance sheet and reduces payment costs.
The company rolled out Lightning Network payments in 2025-05 and then changed how it treats customer crypto receipts. Rather than converting Bitcoin into dollars, Steak ‘n Shake funneled payments into the SBR.
Management attributed a near-50% reduction in payment processing fees to the Lightning rollout and said same-store sales rose between 11% and 15% quarter-over-quarter after adoption.
The company executed a $10 million notional purchase, adding approximately 105 bitcoin to its Strategic Bitcoin Reserve, further strengthening its balance-sheet exposure to the leading cryptocurrency. The move forms part of a broader strategy to integrate crypto infrastructure into both treasury management and day-to-day operations, aiming to enhance financial flexibility while positioning the business at the forefront of digital payment adoption.
At the same time, the company rolled out Lightning Network payments in May 2025, delivering a meaningful improvement in operational efficiency. According to the company, payment fees declined by nearly 50%, while the commercial impact was significant, with same-store sales rising between 11% and 15% quarter over quarter.
Steak ‘n Shake also expanded customer incentives through a partnership with a Bitcoin rewards provider announced, offering promotional BTC rewards to encourage use of crypto payments and support reserve growth.
Treasury logic and market implications
The firm described the SBR as part of a self-reinforcing loop: Lightning payments lower transaction costs, which can improve margins and drive customer adoption; increased Bitcoin-denominated receipts then enlarge the reserve, giving management a non‑cash cushion to fund store upgrades and product investments without raising menu prices. The company presented the SBR as an operational lever rather than a pure speculative play.
“Bitcoin can function as a potent ‘financial buffer,’ enhancing a company’s ‘financial endurance,’” said investor and accountant Rajat Soni, per reports. The purchase remains modest in scale compared with the largest corporate treasuries, but the significance lies in the integration of payments and treasury functions rather than the absolute size.
The approach increases exposure to Bitcoin price moves; gains would boost equity, while downside volatility would directly affect reported reserves. Treasurers and risk managers will need to weigh forgone fiat liquidity against lower payment costs and marketing benefits.
Looking ahead, market participants and corporate treasuries will watch payments volumes, rewards-program uptake and same-store sales as the primary signals of whether Steak ‘n Shake’s payments‑to‑treasury model scales. Those trends will determine if the SBR meaningfully strengthens the company’s finances or simply amplifies balance‑sheet volatility as Bitcoin price moves.
